Agriculture

Soybeans futures closed at the highs of the week, unlike corn and wheat, as it’s certainly pricing in a much smaller 2020 crop size than what was being advertised weeks ago. However, crop condition ratings remain well above both last year and the long-term average.
Demand from China, Iowa crop, conditions have all contributed to the recent rallies in Corn and Soybean futures.
Corn futures made a slow and steady walk higher this past week, with the Sunday night open being the low. For Soybean futures the low of the week was also the Sunday night open with a push into Fridays high tick close.
Genetically engineered Corn and Soybeans both saw their ratings drop in Monday's grain report sending prices higher so far this week.
Wheat fell on weather reports out of Australia and South America while Corn and Beans hung there, supported by a lack of rain in August.
The hot and dry weather is keeping Corn and Soybean futures prices inching higher. It's possible the rally will be short lived after rains from the Tropical Storms in the Gulf of Mexico hit.
Corn and Soybean futures saw an initial pop this week based on fears of damage done to crops in Iowa and other states.
Strong demand talks from China for soybeans and concerns over crop damage have been the main stories.
Eugene Graner provides a grain market overview. Harvest lows were already priced in for big crops early this year.
The August USDA crop report was slightly bearish as U.S. corn/soybean yields surpassed trade expectations.T he NASS yield estimates didn't come as a big surprise relative to what traders had been discussing.